H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars

Reserves of depository institutions

Vault cash(5)

Date

total(2)

nonborrowed base(3)

required

Monetary base(3)

Reserve balances with F.R. Banks(4)

total

used to satisfy required reserves(6

surplus(7)

Net carryover of reserve balances(8)

Month(9)

2005-May

46474

46335

44941

775653

12015

45628

34460

11169

June

46096

45847

44320

779530

11220

46280

34876

11404

July

46468

46043

44733

782494

10851

47278

35617

11662

Aug.

44862

44499

43238

782660

10346

48159

34516

13643

Sep.

45612

45280

43568

785659

11140

47282

34472

12809

Oct.

44113

43830

42216

786531

9630

49515

34483

15032

Nov.

43997

43871

42201

792310

9500

49202

34497

14705

Dec.

44909

44740

42960

801800

9541

51302

35368

15934

2006-Jan.

47287

47177

45846

804402

10382

52040

36904

15136

Feb.

44693

44641

43139

804464

9450

53260

35243

18017

Mar.

42751

42582

41253

806149

9113

49587

33638

15949

Apr.

44708

44460

42892

808398

10258

48360

34450

13910

May

45407

45233

43621

811917

10663

48283

34745

13538

2 weeks ending(10)

2006-Apr. 26

47467

47364

46001

809173

10947

48259

36520

11739

252

May 10

45670

45514

43512

809948

10883

47772

34788

12985

66

24

45758

45587

44337

811965

10637

48877

35121

13756

269

June 7

44332

44123

42347

814634

10400

47826

33932

13894

157

21p

44449

44200

42829

810601

9632

48535

34817

13718

178

1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. 9. Prorated averages of biweekly averages.10. Averages of daily figures. p preliminary

1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 5. Prorated averages of biweekly averages. 6. Averages of daily figures. p preliminary

Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.